The changes to superannuation announced in the 2016 Federal Budget have been passed by Parliament. Amongst the changes was legislation which provides CGT relief for members who are transferring assets out of retirement phase in 2016/17 to comply with the changes. In essence, the legislation
Provides information about the law companion guide on capital gains tax relief. Source: Transitional CGT relief | Australian Taxation Office
From 1 July 2017, the government will introduce a $1.6 million cap on the total amount that can be transferred into the tax-free retirement phase for account-based pensions. Source: Introducing a transfer balance cap of $1.6 million for pension phase accounts | Australian Taxation Office
The super reforms provide a unique opportunity for SMSF professionals to review existing service offered to clients as well as provide new products, services or advice to meet the changing needs of members There are a large number of considerations and a short time to
What will be the key compliance risks and challenges for SMSF loans this year? Source: Compliance and SMSF loans in 2017 | Accountants Daily
Draft regulations that propose removing the fund-capped contributions rules, if implemented, could open up new strategies for business real property assets and foreign fund rollovers, according to DBA Lawyers. Source: Draft regulations tipped to simplify property transfers
Further information about the requirement for bank account details of SMSFs. Source: Common errors on SMSF annual returns | Australian Taxation Office
The changes to the superannuation system, announced by the Australian Government in the 2016-17 Budget, have now received royal assent. Find out how these changes may affect trustees of self-managed super funds. Source: Super changes for self-managed super funds | Australian Taxation Office
Source: ATO ruling gets the thumbs up from SMSF Association – SMSF Association
LRBA and NALI – Interaction and application of PCG 2016/5 and TD 2016/16. Source: Limited recourse borrowing arrangements and Non arm’s length income | Australian Taxation Office
